Eurozone talks keep Irish crisis in focus

According to BBC News, Irish leaders continue to insist they do not need help from the European Union during their current financial crisis. Irish Prime Minister Brian Cowan insists that the government has "firm plans for sorting out the country's problems." However, there is still much speculation that the country will be forced to use EU bail-out funds and the head of European finance ministers claims the EU is ready should Ireland seek assistance. Recently market anxiety has spread to Spain and Portugal, which are also heavily indebted, and their is a high risk they will need to seek foreign aid. Ireland has promised the EU it will bring its deficit down from 12% to 3% of economic output by 2014. The new budget is likely to impose heavy cuts in spending or tax raises totaling 6 billion euros next year, however experts worry that budget cuts are likely to worsen Ireland's already deep recession.